As the country teeters on the brink of a recession, many people are looking to cut costs by investing in green home improvements, Halifax has found.

New research from the financial services provider has shown that Brits are also increasingly keen on using reclaimed materials when undertaking home renovation work, with cost considerations said to be the key driving factor behind such choices. The group found that currently, around one in ten households have already adopted new energy-saving home improvements or used reclaimed items while revamping their home. However, Halifax noted that while this is a substantial proportion of people, it could soon grow rapidly. Of those questioned, nearly two-thirds (64 per cent) said that they planned to use green or reclaimed appliances and fittings when doing up their homes.

For those who are planning to make structural improvements to their home, taking out a homeowner loan may prove an effective way to cover costs quickly, allowing work to be carried out with minimal disturbance. Indeed, many people may wish to use a home improvement loan to install a reclaimed or energy-saving fireplace, which was identified as the most popular fitting for those looking to keep costs down and do their bit for the environment. Other common money saving upgrades included using reclaimed floor tiles, radiators and baths, in addition to using eco-friendly paints.

However, whether people plan to do up their home using a loan or their savings, Halifax iterated the importance of making sure they tell their insurer beforehand if they plan on making any structural changes. It warned that in failing to do so, Brits could find themselves with an invalidated insurance policy in the event of an accident, leaving them to pick up the tab for repair. This in turn could soon impact on their ability to meet other financial responsibilities such as mortgages, credit cards, utility bills and personal loan repayments.

Commenting on the findings of the research, David Rochester, head of underwriting at Halifax Home Insurance, said: “There has been a growing trend for going green over the past few years in terms of eating, travelling and recycling and this is now extending to the home as Brits become increasingly eco-conscious. Items such as fireplaces, baths and tiles have traditionally been popular, but many households are now likely to consider solar panels or wind turbines. We would urge anyone looking to undertake any work within the home to seek planning permission and check their level of cover with their home insurance provider in the first instance.”

The group reported that more than half (52 per cent) of those who plan to undertake home renovation had not thought to contact their insurer. This was a statistic that Halifax called “worrying”. Elsewhere, Norwich and Peterborough has urged homeowners to give their insurer a call to make sure they have adequate damage cover ahead of the festive season. The group noted that such protection can avoid the risk of people finding their finances are left out in the cold as a result of some Christmas mishap.

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